Bank of America to raise U.S. minimum wage to $25 by 2025

Context: Bank of America raised its minimum hourly wage to $20 last year and to $17 in 2019.

What they're saying: "A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients,” said Sheri Bronstein, chief human resources officer at Bank of America.

• “That includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent."

The big picture: The bank also said all its U.S. vendors are now required to pay their employees at or above $15 per hour.

• Over 99% of the company’s U.S. vendor firms and vendor employees make the $15-per-hour rate or above.